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Based in Germany, The Federal Development Ministry (BMZ) has launched DeveloPPP Ventures, a programme that aims to empower Kenyan startups by providing entrepreneurial support and a grant of up to €100 000.
Development Ministry launches startup support program with €100K grant for Kenyan entrepreneurs
The funding will reportedly be distributed by DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH via a matching-funds model. DEG provides grant funding to startups that have displayed and achieved proof of concept and are ready to scale.
Gerd Müller Development Minister explains that the programme aims to drive entrepreneurial growth in Africa.
“Many developing countries, particularly in Africa, have an exciting startup scene. This is where the jobs of tomorrow and innovative solutions for the challenges on the ground are emerging. Drones being used to deliver medicines, banks that are completely digital – things which sound like the music of the future to European ears – many African companies are already making these ideas a reality. We want to encourage this entrepreneurial spirit even more, thereby helping to create modern jobs for young people. Since the launch of our DeveloPPP program, more than 2,000 projects have been realised around the world, together with local, German and European companies. Last year alone, almost 80,000 people received initial and further training thanks to this support.”
The programme is being conducted in collaboration with impact investment specialist Seedstars and business incubator NaiLab. The newly launched programme is aimed at young entrepreneurs who are making innovative contributions to sustainable development in their developing economies and improving the living conditions of the locals.
The support programme
Through the programme, selected participants stand the chance of receiving a grant of up to €100 000 and will receive tailored support from technical experts.
Several requirements must be met to apply for the programme;
- The startup must have its head office or branch registered in Kenya
- The startup must be generating some initial turnover with its product
- The startup must have the ability to acquire matching funds from other sources of at least the same amount.
According to reports, the programme will be piloted in Kenya, and over time it will be launched in various other African countries.
How to apply
Applications must be completed online and close on 15 July 2021.x
Featured image: Christina @ wocintechchat.com via Unsplash